Investment Rating - The investment rating for Haier Smart Home (600690) is "Buy" (maintained) [1] Core Views - The company reported a revenue of 68.98 billion yuan in Q1 2024, representing a year-on-year growth of 6%. The net profit attributable to shareholders was 4.77 billion yuan, up 20.2% year-on-year, while the net profit after deducting non-recurring items was 4.64 billion yuan, increasing by 25.4% year-on-year [2] - Domestic revenue grew by 8.1%, with significant contributions from the refrigeration and laundry sectors, as well as double-digit growth in the water industry. The air conditioning, kitchen appliances, and smart building sectors also saw revenue growth exceeding 10%. The Casarte brand experienced a revenue increase of 14% [2] - Despite a decline in overseas demand, the company's overseas revenue grew by 4% in Q1 2024, with operating profit increasing by double digits [2] - The company's net profit margin improved to 6.9%, an increase of 0.82 percentage points, driven by a gross margin of 29%, which rose by 0.3 percentage points year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were optimized by 0.5, 0.3, and 0.1 percentage points, respectively [2] - The company is positioned as a leader in large appliances and smart home solutions, with a multi-brand and multi-product strategy to capture growth opportunities in the high-end appliance market. The EPS forecasts for 2024-2026 have been slightly adjusted to 2.05 yuan, 2.37 yuan, and 2.61 yuan, respectively [2][3] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved a revenue of 68.98 billion yuan, with a year-on-year growth of 6%. The net profit attributable to shareholders was 4.77 billion yuan, reflecting a 20.2% increase year-on-year. The net profit after deducting non-recurring items was 4.64 billion yuan, up 25.4% year-on-year [2] - The company's net profit margin improved to 6.9%, an increase of 0.82 percentage points, with a gross margin of 29% [2] Revenue Growth - Domestic revenue increased by 8.1%, with notable growth in refrigeration, laundry, and water industries, as well as double-digit growth in air conditioning, kitchen appliances, and smart buildings. The Casarte brand saw a revenue increase of 14% [2] - Overseas revenue grew by 4% despite a decline in overall overseas demand [2] Profitability Metrics - The company's EPS forecasts for 2024-2026 are adjusted to 2.05 yuan, 2.37 yuan, and 2.61 yuan, respectively, indicating a positive outlook for profitability [2][3]

Investment Rating - The investment rating for Haier Smart Home (600690) is upgraded to "Buy" with a target price of 34.34 CNY, up from the previous target of 28.95 CNY [4][21]. Core Insights - The company's Q1 2024 performance exceeded expectations, with domestic sales showing steady growth and significant recovery in overseas profitability. The overall profitability for the year is expected to improve beyond initial forecasts [3][21]. Summary by Sections 1. Performance Overview - In Q1 2024, Haier Smart Home achieved a revenue of 68.978 billion CNY, representing a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 4.773 billion CNY, up 20.16% year-on-year [15]. 2. Revenue: Steady Domestic Growth and Brand Upgrade in Europe - Domestic revenue grew by 8% year-on-year, while overseas revenue increased by 4%. Key domestic segments like refrigerators and washing machines are expected to grow by 5-10%, with water appliances seeing double-digit growth. The high-end brand Casarte saw a 14% increase in revenue [16]. - In Europe, the dual-brand strategy with Haier and New Candy has led to a market share increase of 0.9 percentage points, reaching 9.0% [16]. 3. Profitability: Significant Improvement in Operating Margins - The gross margin for Q1 2024 was 28.95%, up 0.26 percentage points year-on-year, while the net margin was 7.04%, an increase of 0.84 percentage points. The company reported over 30% growth in operating profit in the Chinese market [17]. - Overseas profitability also improved significantly, with double-digit growth in operating profit driven by cost optimization in procurement and logistics [17]. 4. Strong Cash Position and Positive Cash Flow - As of the end of 2023, the company had cash and cash equivalents plus trading financial assets totaling 54.46 billion CNY, a decrease of 1.77% from the end of 2023. The net cash flow from operating activities in Q1 2024 was 1.725 billion CNY, up 27.31% year-on-year [19]. 5. New A/H Employee Stock Ownership Plan - The A-share plan has a funding source of 711.5 million CNY, with a maximum of 2,400 participants. The performance targets include a compound growth of not less than 15% in net profit and a return on equity (ROE) of not less than 16.8% for 2024-2025 [20]. 6. Investment Recommendations - The company is expected to continue its deep overseas expansion and high-end product development, supported by digital transformation and improved operational efficiency. The EPS forecasts for 2024-2026 are adjusted to 2.02, 2.27, and 2.50 CNY, respectively, reflecting year-on-year growth of 15%, 12%, and 10% [21].

家用电器/白色家电 公 司 研 海尔智家（600690.SH） 2024Q1 业绩超预期，数字化变革带动盈利提升 究 2024年05月04日 ——公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 刘文鑫（联系人） lvming@kysec.cn zhoujiale@kysec.cn liuwenxin@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790123070038 日期 2024/4/30  2024Q1业绩超预期，数字化改革收效，维持“买入”评级 当前股价(元) 30.26 2024Q1 公司营收 689.78 亿元（+6.01%，同比，下同），归母净利润 47.73 亿元 公 一年最高最低(元) 30.94/19.86 （+20.16%），扣非归母净利润46.40亿元（+25.41%）。受海外市场加息影响，利 司 信 总市值(亿元) 2,855.97 息费用为 6.01 亿元；经营利润 52.49 亿元（+27.1%）。2024Q1 业绩超预期，看 息 流通市值(亿元) 1,908.97 好数字化变革带 ...

公司报告 | 季报点评 海尔智家（600690） 证券研究报告 2024年05月 01日 投资评级 业绩增势亮眼，数字化成效凸显 行业 家用电器/白色家电 6个月评级 买入（维持评级） 当前价格 30.26元 事件：公司24Q1实现营业收入689.8亿元，同比+6.01%；归母净利润47.7 目标价格 元 亿元，同比+20.16%；扣非归母净利润46.4亿元，同比+25.41%。公司推出 2024年度A+H股核心员工持股计划（草案），A股参与人员共计不超过2400 基本数据 人，资金总额7.1 亿元。H股参与对象包括公司董事（独立董事除外）、高 A股总股本(百万股) 6,308.55 级管理人员、公司及子公司核心技术（业务）人员，共计30人，资金总额 6850万元（含）。考核目标均为，24、25年扣非归母净利润较23年增速/CAGR 流通A股股本(百万股) 6,308.55 ≥15%，24、25年ROE≥16.8%。 A股总市值(百万元) 190,896.80 流通A股市值(百万元) 190,896.80 点评： 每股净资产(元) 11.37 营收稳健增长，空调内销如期高增。24Q1公司营收同比+6%，分地区 ...

Investment Rating - The investment rating for Haier Smart Home is "Buy" with a target price not specified [4]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 68.98 billion yuan, a year-on-year increase of 6.01%, and a net profit attributable to shareholders of 4.77 billion yuan, up 20.16% year-on-year [1][2]. - The digital transformation efforts have led to improved cost efficiency and profitability, with a gross margin increase of 0.3 percentage points to 29.0% [2]. - The company is focusing on enhancing its core manufacturing capabilities and expanding overseas business, which is expected to strengthen its global competitiveness [2]. Summary by Sections Financial Performance - In Q1 2024, Haier achieved a revenue of 68.98 billion yuan, with domestic revenue growing by 8.1% and overseas revenue by 4% [1][2]. - The gross margin improved to 29.0%, reflecting a continuous upward trend for five consecutive quarters [2]. - The net profit margin reached 6.9%, an increase of 0.8 percentage points year-on-year [2]. Digital Transformation - The company has implemented digital changes in procurement and R&D, leading to better resource allocation and operational efficiency [2]. - The digital transformation has positively impacted the cost structure, with sales, management, R&D, and financial expense ratios showing improvements [2]. Future Outlook - The company expects to achieve net profits of 19.2 billion yuan, 22.2 billion yuan, and 25.6 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting an upward revision due to improved expense ratios [2]. - The projected P/E ratios for 2024, 2025, and 2026 are 14.8x, 12.8x, and 11.2x respectively, indicating a favorable valuation outlook [2].

海[Ta尔ble智_Sto家ckN（am6eR0p0tT6yp9e0] ） 公司研究/公司点评 内外销利润率提升 ——海尔智家 24 一季报点评 投资评级：买入（维持） [Table_Rank] 主要观点： 报告日期： 2024-05-01 [⚫T ab公le_司Su发m布ma2r0y]2 4Q1业绩及员工持股计划： [收Ta盘bl价e_（Ba元se）D ata] 30.26 ➢ 24Q1：收入689.8亿（+6.0%），归母净利润47.7亿（+20.2%），扣 近12个月最高/最低（元） 30.94/19.86 非46.4亿（+25.4%）。 总股本（百万股） 9,438 ➢ 24Q1利润超市场预期，核心来自于内销盈利。 流通股本（百万股） 6,309 ➢ 此外，公司发布 2024 年 A+H 股员工持股计划，A 股参与人数不超 流通股比例（%） 66.84 过 2400 人（含董监高 13 人）资金总额 7.1 亿元；H 股参与人数不 超过30人（含董监高11人）资金总额6850万。 总市值（亿元） 2,856 流通市值（亿元） 1,909 ⚫ 内外拆分：24Q1内/外销同比+8%/4%，经营利润同比+3 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690) [1][4] Core Views - The company reported a strong performance in Q1 2024, with revenue reaching 69 billion yuan, a 6% increase year-on-year, and net profit of 4.8 billion yuan, a 20% increase year-on-year, driven by digitalization enhancing gross margins and reducing expense ratios [1][3] - The report highlights that the digital transformation has significantly improved operational efficiency, leading to a continuous improvement in gross margins over several quarters [3][4] Revenue and Profit Breakdown - **Revenue Breakdown**: - Domestic sales increased by 8%, with significant growth in water appliances, air conditioning, and kitchen appliances, while exports grew by 4% due to new product launches [3] - **Profit Breakdown**: - Gross margin improved to 29%, benefiting from enhanced digital efficiency in procurement, R&D, and production, with overall operating profit expected to grow by 27% [3] Financial Forecasts - The report projects revenues of 278.8 billion yuan for 2024, 297 billion yuan for 2025, and 316.4 billion yuan for 2026, with net profits expected to be 19.1 billion yuan, 21.6 billion yuan, and 24.3 billion yuan respectively [4][5] - Profit growth rates are forecasted at 15% for 2024, 13% for 2025, and 12% for 2026 [4] Key Financial Metrics - The report provides key financial metrics, including a projected P/E ratio decreasing from 18.5 in 2023 to 11.2 in 2026, and a consistent ROE of 16% over the forecast period [1][5]

[Table_Page] 季报点评|家用电器 证券研究报告 [海Table_尔Title] 智家(600690.SH/06690.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 28.80元/27.10港元 Q1 利润超预期，期待持续提效 合理价值 36.41元/35.28港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-29 ⚫ 公司披露2024年一季报。24Q1实现收入689.8亿元（YoY+6.0%)， [相Tab对le_P市icQ场uote表] 现 归母净利润47.7亿元（YoY+20.2%），毛利率29.0%（YoY+0.3pct）， 归母净利率 6.9%（YoY+0.8pct）。销售/管理/财务/研发费用率分别同 30% 20% 比-0.5pct/-0.3pct/-0.01pct/+0.1pct。公司费用率有所改善，国内市场 9% 主要因公司采购端、研发端的数字化变革、产销协同体系构建等因素； -1% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 海外市场主要因产品结构优化、产能利用 ...

公司研 究 证 券研究 报 告 白色家电Ⅲ 2024年04月30日 海 尔智家（600690）2024年一季报点评 强 推 （维持） 目标价：32元 业绩表现超越预期，再推员工持股计划 当前价：28.80元 事项： 华创证券研究所  公司发布2024年一季度报告，24Q1公司实现营业收入689.8亿元，同增6.0%， 归母净利润47.7亿元，同增20.2%，扣非归母净利润46.4亿元，同增25.4%。 证券分析师：秦一超 评论： 邮箱：qinyichao@hcyjs.com  公司营收稳健增长，外销增速小幅收窄。24Q1 公司实现营收 689.8 亿元，同 执业编号：S0360520100002 比+6.0%，收入环比略有降速但整体增长仍属稳健。分地区看，国内市场收入 证券分析师：樊翼辰 同比+ 8.1%，其中冰洗业务作为公司传统强势主业大概率保持稳定增长，表现 或优于行业（产业在线数据24M1-M2冰箱/洗衣机同比+6.0%/-1.0%），空调业 邮箱：fanyichen@hcyjs.com 务在行业高景气度加持下实现双位数以上增长，厨电、水家电等其他品类收入 执业编 号：S0360523080004 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue of 68.98 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 4.77 billion yuan, up 20% year-on-year [8] - The company has launched A/H share equity incentives, with an A-share incentive amount of 712 million yuan and an H-share incentive amount of 69 million yuan, focusing on non-net profit and ROE as key performance indicators [8] - The domestic market showed strong performance with an 8.1% revenue growth, while overseas revenue grew by 4% despite challenges in major markets [8] Financial Summary - Total revenue for 2023 was 261.43 billion yuan, with a projected increase to 284.37 billion yuan in 2024, representing an 8.8% year-on-year growth [7][10] - The net profit attributable to shareholders for 2023 was 16.60 billion yuan, expected to rise to 19.11 billion yuan in 2024, reflecting a 15.1% year-on-year growth [7][10] - The company's gross profit margin for Q1 2024 was 29.0%, a year-on-year increase of 0.3 percentage points, contributing to a net profit margin of 7.04%, the highest in nearly seven years [9][8] Earnings Forecast - The earnings forecast for 2024-2026 has been raised to 19.1 billion, 21.9 billion, and 25.2 billion yuan respectively, with a consistent year-on-year growth of 15% [8] - The corresponding PE ratios for 2024, 2025, and 2026 are projected to be 14x, 12x, and 11x respectively [8]